How do I make a fur for my teddybear?
You could easily do this with Blender's particle system

The key thing here is that the hair seems to be forming clusters or gathering to form small clumps of fur.
This effect can be achieved with the particle children and activating the Clump parameter. This will create this bunching effect.


Add a new particle system to your object
Check to use the modifier stack
Active the Children option
Use a high value for the Clump setting like in the 0.7 to 0.9range





Adjust the number of children to be enough so that the hair clumping effect is visible, but not too much that it looks like a solid spike
Increase the particle count to a higher value to look dense enough (how high will depend on the actual size of your object), and not too high as to hide the "clumpiness" of the children